By CHRIS HOBBS
CHAPEL HILL — The North Carolina High School Athletic Association (NCHSAA) has opened its pocketbook, sending more than $1.7 million to its member schools.
The money comes from interest earned on the NCHSAA’s Endowment Funds during 2020-2021.
Reports have said the NCHSAA has assets of $41 million and about $26 million of that is in the organization’s Endowment Fund.
The NCHSAA has also provided $4 million to its member schools as approved by its board of directors through the organization’s COVID-19 Athletic Program Subsidy (CAPS).
The newly formed NCHSAA Endowment Advisory Committee on July 27 recommended a seven percent share of investment earnings go to member schools. That was approved by the NCHSAA board in August.
With the new distribution, the NCHSAA has returned $5,717,803.65 to member schools. Since 2010-2011, the NCHSAA reports its has provided $18,535,005.12 a span of about 10 years.
“We are thankful that due to the financial stability of the NCHSAA and the wisdom of past Boards of Directors and Executive Directors that we are able to provide such a large benefit to our member schools in an incredibly challenging year,” NCHSAA Commissioner Que Tucker said in a press release by the NCHSAA.
“This type of distribution is only possible because our member schools agreed to pool shared resources in the early 1990’s and create one of the first Endowment Funds for a high school athletic association in the country and that visionary partnership is now bearing fruit to the benefit of schools in our state.”
The NCHSAA Board of Directors also made a commitment in May 2021 to cover the payment of Catastrophic Insurance Premiums for member schools, an estimated savings of $500,000 per year for the full membership.
NCHSAA COMMISSIONER TALKS WITH HIGHSCHOOLOT ABOUT HB91: https://www.highschoolot.com/nchsaa-commissioner-raises-concerns-about-amended-hb-91-wants-to-work-with-state-board-of-education/19844447/